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Ethereum Price Forecast: Ether's Bearish Turn

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether shifted south and broke important supports against the US dollar and bitcoin. ETH/USD is now in a bearish zone with resistances at $450.00 and $460.00.

Key Highlights

Ether declined sharply and broke a crucial support at $450.00 against the US dollar.
ETH/USD declined below two important bullish trendlines near $475.00 and $460.00 on the 6-hour chart.
ETH/BTC also fell sharply and broke a key support at 0.0700BTC.

Technically, the 2-hour chart indicators turned sharply lower into the bearish territory.

Ether Price Analysis

Yesterday, we discussed a downward correction in ETH/USD toward the $475.00 and $473.00 support levels. However, the pair failed to hold these supports, resulting in a sharp bearish move below a key support at $450.00.

Similarly, there was an increase in bearish pressure on ETH/BTC. The pair declined and broke a crucial support at 0.0700BTC. It is currently trading near 0.0680BTC and the next support sits at 0.0650BTC.

Ether Price Analysis Chart ETH

Starting with the 2-hour chart of ETH/USD, the pair topped near the $495.00 resistance area (as discussed in the monthly outlook). It started a major downward move and declined below a key bullish trendline with support at $480.00.

The pair opened the doors for more losses and the price fell sharply below the $475.00 and $473.00 support levels. The most important bearish break was below the $450.00 support. All these are negative signs, suggesting that Ether has moved into a short-term bearish trend.

A low was formed at $428.63 and the price is currently correcting higher. An initial resistance is the 23.6 percent Fibonacci retracement level of the decline from the $495.49 high to $428.63 low at $443.00. Above this, the next major resistance awaits at $450.00 (the previous support).

Ethereum Price Analysis ETH

Moving up to the 6-hour chart of ETH/USD, there are six back-to-back bearish candles, implying an increase in selling pressure. The pair also cleared two important bullish trendlines near $475.00 and $460.00.

The next major support is at $420.00, below which, there is a risk that Ether’s price could retest the $405.00 swing low. Resistances are sitting at $443.00, $450.00, and $460.00.

Important Resistance Levels

$450.00 and $460.00

Important Support Levels

$428.00 and $420.00

2-hour RSI

The RSI has reached the oversold levels, signaling a possible upward correction.

2-hour MACD

The MACD is showing many bearish signs.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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